Euroins Insurance Group Announces Offer for Tower Group International, Ltd.

HAMILTON, Bermuda--(BUSINESS WIRE)--

Euroins Insurance Group. (“EIG”) announced today that it has submitted a letter to the board of directors of, Tower Group International Ltd. (the “Company”) TWGP proposing to acquire all of the Company's outstanding common stock, and outstanding options to acquire such shares, in a recommended offer at a price per share of US$3.75 (the “Proposed Offer”).

The Proposed Offer is subject to satisfactory completion of due diligence and negotiation and execution of a definitive written agreement. EIG has substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement. EIG intends and is ready to recapitalize the company to the industry norms and standards and to be able to complete such an agreement within weeks from the beginning of the due diligence period. EIG has requested that the Company respond promptly to the Proposed Offer.

The Proposed Offer does not create any binding obligation, and no such binding obligation will arise unless and until a mutually satisfactory definitive agreement has been executed and delivered by the parties.

EIG believes that a combination of the Company and EIG would result in substantial benefits to both our shareholders and to the Company's employees.

About EIG:

Euroins Insurance Group (EIG) is the largest independent insurance group in the South East Europe, with active operations in Central and South East Europe concentrated in Romania, Bulgaria and Macedonia, but also with a foothold in Serbia and Turkey (through subsidiaries) as well as in Czech Republic, Slovakia and Hungary (through direct access based on the freedoms of the EU single market). EIG is part of Eurohold Group (“Eurohold”), which has four main business lines: insurance, leasing, asset management/brokerage and car sales. Eurohold is listed on both Sofia and Warsaw Stock Exchanges.

This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on EIG current expectations and are subject to uncertainties including the timing to consummate a potential transaction between the Company and EIG, the ability and timing to obtain any required regulatory approvals and the risks and uncertainties inherent in the industry. There is no assurance that the potential transaction will be consummated. Investors and security holders are cautioned not to place undue reliance on any forward-looking statements, which apply only as of the date of this press release. EIG does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.